Star Energy Completes Acquisition of Volga-Neft.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Star Energy (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SERG SERG Soil Ecology and Restoration Group SERG Services Expert Rapporteur Group (GSM Association) SERG Senior Executive Review Group (US military) SERG Structural Engineering Research Group ) announced today that it has completed the acquisition of Volga-Neft, a Russian oil and gas producer. Under the terms of the purchase Star Energy acquired one hundred percent (100%) of Volga-Neft from its owners/founders in exchange for ten million (10,000,000) newly issued but restricted shares of Star Energy. Volga-Neft will become a wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Star Energy with current Volga-Neft management continuing to run the day-to-day operations of the company. Volga-Neft possesses a number of attributes that made it attractive to Star, including the following: * An executed contract for the purchase of the Rodnikovsky oilfield in the Orenburg region. This field has estimated total extraction reserves of 95 million barrels, with an approximate market value to Volga-Neft as of today of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 190 million. * 2005 gross revenue in excess of USD 90 million per audit by RSM International RSM International is a global network of professional service firms. Member firms operate in over 70 countries worldwide, employing over 23,000 people. Total revenues for 2006 were in excess of $2.7 billion USD, placing RSM International in the top 7 global accountancy firms. , a leading global accounting firm * Land-based simultaneous storage capacity of 3,000 cubic meters of oil and oil products, including currently available railway and road transport access. This storage facility has been valued at USD 5 million under independent appraisal. * 69-vehicle fleet for the transportation of oil and flammable loads valued at USD 7.8 million under independent appraisal * 30,000 square meters of real estate in the city of Chapaevsk, recently valued at USD 8 million under independent appraisal. This property is expected to be used for the building of an oil refinery in the Bogatovsk region. The value of construction in progress is estimated at USD 15 million according to current valuation methods. Star Energy interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Director Marcus Segal commented, "We are pleased to see this acquisition completed. With the revenue stream and asset base of Volga-Neft, we believe that Star is now well positioned to make further acquisitions in the region and to move our listing to a National Exchange. We have put together a highly experienced team of professionals and believe that Star Energy has all of the tools necessary to build a strong resource business that will be attractive to Western investors." About Star: Star Energy Corporation is a U.S.-based public oil and gas exploration company with one hundred percent (100%) of its assets located in Europe, primarily the Samara Samara, river, Russia Samara (səmä`rə), river, c.360 mi (580 km) long, rising in the foothills of the S Urals, European Russia. It flows generally northwest, and joins the Volga River at Samara. region of Russia. The company is pursuing a strategy of seeking investment and acquisition opportunities in Russia and Eastern Europe with the goal of providing Western investors with access to a portfolio of natural resource licenses and operating companies. Additional information can be found at our new website www.starvolga.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the recovery of oil and gas resources, the successful completion and integration of the operations of Volga-Neft, competitive market conditions, and the ability to secure sufficient sources of financing. The actual results Star may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Star encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Star's public filings may be viewed at www.sec.gov. |
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